(1)  Subject to subsection (2) , a licensee may surrender his or her licence at any time by giving the Minister written notice to that effect.

(2)  However, if the register of licences, water allocations and permits includes a notation that a person has a financial interest in the licence or a water allocation of the licence, the surrender is not effective unless it has the written consent of that person.

(3)  On the surrender, a water allocation of the licence vests in the Minister.